By Christine Graf
During his 37-year career in real estate, Ballston Spa real estate agent Tom Trevett has worked extensively in the REO (real estate owned) sector of the industry. REO refers to property that has been foreclosed upon and is owned by a bank or other lender.
“I own a full-service real estate company serving commercial, residential, and new construction, but I seem to have found a niche in REO–real estate owned by banks and corporate entities like hedge funds and trusts,” said Trevett, an approved REO broker who works in nine counties throughout the region.
For the companies he represents—companies whose names he prefers not to disclose–Trevett works as the listing broker, a job he described as labor intensive.
“Corporate companies and hedge funds demand a lot from you as far as servicing their properties–weekly inspections, monthly status reports, and broker price opinions every ninety days,” he said.